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#Covid-19: “No Bank Shall Retrench Or Lay Off Any Staff”, CBN

by on May 3, 2020
 

The Central Bank of Nigeria has today prohibited the retrenchment or laying off of any Bank Staff, irregardless of level or cadre.

CBN issued this directive stating that measures must be taken to minimize and mitigate the negative impact of the Covid-19 pandemic on families and livelihood.

This decision was taken during a special Banker’s Committee meeting on the 2nd of May, to review the implications of the Covid-19 pandemic on the banking industry.

The decision reached was publicised today in a press release signed by Director of Corporate Commissions, Isaac Okorafor, which reads as follows:

A special meeting of the Bankers’ Committee was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian
banking industry. The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties and decided as follows:

  1. In order to help minimize and mitigate the negative impact of the COVID-19 pandemic on families and livelihoods, no bank in Nigeria shall retrench or
    lay-off any staff of any cadre (including full-time and part-time).
  2. To give effect to the above measure, the express approval of the Central
  3. Bank of Nigeria shall be required in the event that it becomes absolutely
    necessary to lay-off any such staff.
    The Central Bank of Nigeria solicits the support of all in our collective effort to
    weather through the economic challenges occasioned by the COVID-19
    pandemic.
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